HOSTELLING INTL SELLS BOSTON HOSTEL IN $4.75M SALE-LEASEBACK

BOSTON — Hostelling International (HI) has sold a 22,000-square-foot hostel located at 12 Hemenway St. in Boston for $4.75 million. The new owner, Hemenway Realty Ventures, will lease the building back to HI for an 18-month term. The hostel will continue operation while HI redevelops the nearby Dill Building into a new hostel. The new facility will open spring 2012. Leigh Freudenheim of Colliers International represented both parties in the deal.